Bitcoin has surrendered the $80,000 level, and the $74,000 to $75,000 range has emerged as a key support zone in the latest downswing.

On May 18, Cointelegraph said the market is viewing the level as the next turning point as rising exchange inflows coincides with weakening short-term momentum.

Bitcoin slid below $80,000 over the weekend and fell to around $76,600 after a 5.78 percent weekly correction. The market sees the $74,000 to $75,000 band, where support and resistance formed repeatedly over the past two years, as being tested again.

Crypto analyst Ardi said a retest of that band could be the most important support test in the current bear market. He noted that Bitcoin failed to break above the level easily during seven months of sideways trading in 2024, and that the same band acted as support in the first quarter of 2025 before a rebound toward a cycle peak of $126,000. He also pointed to the $74,000 to $75,000 area as carrying added weight because major price turning points overlap there across multiple time frames.

Other market participants are also watching the $70,000 level. Trader Alex Wice said holding $70,000 could allow a pullback toward the $85,000 to $90,000 range. He warned that if the level breaks, it could open the way for a larger drop into the $50,000 to $60,000 range.

Supply-demand and sentiment indicators are also tilting bearish. Bitcoin analyst Axel Adler Jr (악셀 애들러 주니어) said the Bitcoin bull-bear structure index turned bearish again after Bitcoin failed to settle above $82,000 earlier this month. The index tracks six indicators including spot exchange-traded fund (ETF) demand, trader activity, exchange fund flows and short-term price momentum. A positive reading signals buying strength, while a negative reading indicates rising selling pressure.

The index's bullish signal did not last long. The index briefly turned positive on May 6 when Bitcoin rose to around $82,000, but it fell to -23.49 on May 17. That indicates sellers quickly regained control.

Exchange inflows are also seen as a drag. CryptoQuant data showed an increase in transfers to exchanges by investors who bought Bitcoin 6 to 12 months ago. Their average purchase price was put at about $110,851. That suggests coins sitting on sizable unrealised losses after the recent drop are moving into the market.

The share of long-held coins moving to exchanges also surged. The proportion jumped to 10.54 percent, far above the usual level of under 1 percent. Market analyst Easy On Chain (이지 온 체인) said the flow was much higher than normal.

Against that backdrop, the key variable in the near term remains whether Bitcoin can defend $74,000 to $75,000 and, more broadly, $70,000. If Bitcoin confirms support in that area, a rebound attempt is possible, but if it fails, the market is increasingly wary that losses could deepen.

$BTC The next retest of $74-75K is likely going the most important test of this entire bear market. Not just because it’s current range support, but because of how much structural importance has built around that region over the last two years. First, it was the resistance… pic.twitter.com/oSfH4cOqmA